Applications are now open for the £4 million Unlocking Ambition Challenge, a brand new cutting-edge support scheme for entrepreneurs in Scotland. The challenge is part of the Scotland CAN DO initiative, backed by the First Minister, Nicola Sturgeon.

The Royal Society of Edinburgh (RSE) Unlocking Ambition Enterprise Fellowship Programme will nurture and support early-stage innovators, academics and researchers who have entrepreneurial potential and an innovative business idea. The challenge is looking for the most talented and ambitious people worldwide who see Scotland as the place they want to establish their businesses.

Applications are open to entrepreneurs worldwide. Applicants don’t have to be in Scotland or be Scottish, anyone in the world may apply. Nor is a connection to the RSE required. The only condition is that successful applicants agree to establish or relocate their business in Scotland.

Global Ambitions

Up to 20 talented entrepreneurs will be chosen, based on their own potential, the market potential of their business ideas, and the contribution that they might make to Scotland’s economy and to society as a whole. They will be mentored and led by some of Scotland’s leading entrepreneurs in a year-long intensive business development programme.

The aim of the programme is to provide the framework within which individuals can develop the commercial strength of their ideas and become equipped to succeed in today’s fast-paced global business environment.

The longer-term objective is to support Scotland in becoming a world-leading entrepreneurial nation. The programme will be truly collaborative, delivered by the RSE, working alongside Scottish Government agencies, Scottish Enterprise, Scottish EDGE, Entrepreneurial Scotland and other partner organisations from the private sector, and third sector who will help support the successful candidates.

Dedicated Support and Funding

The RSE will lead the academic stream of the inaugural programme, with support from Scottish Enterprise, based on the highly successful Enterprise Fellowship Programme that the RSE has been running for 20 years.

Together they will invest in 20 early-stage high-potential entrepreneurs with innovative projects, with the aim of forming start-up businesses in Scotland in the new RSE Unlocking Ambition Enterprise Fellowship Programme.

Up to 20 successful applicants will receive an RSE Unlocking Ambition Enterprise Fellowship operating over a period of a year with a host of bespoke benefits, including total grant funding of up to £900,000 (up to £45,000 grant per Fellow – £25,000 maintenance grant from Scottish Enterprise and up to £20,000 business development fund); a total of over £150,000 for a comprehensive and cutting-edge training programme personally tailored to develop business skills delivered to the highest of international standards; a dedicated mentor for each Fellow, and access to professional, financial and entrepreneurial networks.

Business and Innovation Minister, Paul Wheelhouse, told DIGIT:

“Unlocking Ambition is a fresh and innovative approach to maximising opportunities for the wealth of talent that exists in Scotland, or that could be attracted by the opportunities here.

“This programme is a high priority for the Scottish Government, because by tapping into the experience of Scotland’s most successful business people, as well as the great companies and institutions based here, we can unlock the tremendous potential of the next generation of entrepreneurs.”

Edward Cunningham CBE FRSE, Chairman of the Royal Society of Edinburgh Enterprise Fellowship Programme, said:

“The Royal Society of Edinburgh is delighted to provide support to this worthwhile programme to unlock the ambition of talented entrepreneurs. Since its launch in 1997, the RSE Enterprise Fellowship scheme has supported more than 200 graduates and researchers to develop and launch new businesses. We look forward to supporting and working with this new cohort to help turn their energy and motivation, and of course their new ideas, into a reality.”